Here we are in summer, nearly a month after San Francisco completely re-opened on June 15th. As we know, the single-family market has seen nothing but higher demand throughout the pandemic. This trend hasn't slowed down: a new record high in median sales price were recorded in June for single-family homes @ $1.88M. This is a 13%+ increase over June of 2020, and a 15% increase over June 2019.
The condo market has been the opposite story since the onset of the pandemic, but not surprisingly, the demand from single-family buyers spilled over to condominiums. Boutique condos (think 2-4 unit buildings) are receiving record-breaking demand; the median sales price of condos in the city has increased 7.5% over this time last year. The more meaningful statistic is that the median sale price for condos in the city has surpassed that of year over year comparisons dating back to June 2019... pre-pandemic activity.
So, are there any opportunities left? Although the margins of discount are shrinking, neighborhoods in district 9 (east cut, south beach, SoMa, Mission) as well as Lower Nob and below Geary are seeing the best discounts off pre-pandemic values. With many workers set to go back into the office this fall, I feel these neighborhoods are good buys for savvy investors. Rents have stabilized (even going up in some sectors) and interest rates remain low!
If you have any questions about the market feel free to reach out.
